Aster (ASTER), an altcoin that has received personal investment from Changpeng Zhao (CZ), the founder of Binance, has announced a new buyback mechanism.
The Aster team revealed the implementation of its Strategic Buyback Reserve mechanism through their X account.
This new mechanism will automatically allocate 20% to 40% of the platform's daily revenue towards repurchasing ASTER tokens.
Aster DEX is launching automated ASTER buybacks, utilizing 20-40% of its daily platform fees via the Strategic Buyback Reserve mechanism. The initial buybacks are now visible on-chain.
This initiative is a key component of the fifth phase of Aster’s buyback plan. The overarching goals are to adapt dynamically to market conditions, decrease the circulating supply of ASTER tokens, and enhance long-term investor confidence.
The Aster team stated, "We are currently actively deploying our Strategic Buyback Reserve for ASTER token buybacks."
Building upon the Phase 5 Buyback Program announced last month, this activation is designed to respond dynamically to market conditions, maximize value, and reduce circulating supply. This is achieved by allocating 20-40% of daily platform fees to targeted buybacks.
The team confirmed, "We have successfully and verifiably executed the initial buybacks from reserve wallet 0x5E4969C41ca9F9831468B98328A370b7AbD5a397 on-chain."
Market Impact
Affected by the general and sudden market downturn, ASTER is currently trading down 12.5% at $0.60.